New York Times' Former CEO Made More Than The Company Did

Bloomberg smartly notes that former New York Times CEO Janet Robsinson’s $24M bundle in 2011 was “equal to about 2.4% of the company’s market value of $981.9 million, and exceeds the approximately $3 million the company earned in net income over the past four years.” The company’s proxy statement, out today, says Robinson — who left at the end of 2011 — had an $11.3M compensation package last year ($1M salary, $767,533 in stock awards, $797,185 in option awards, $3.6M in non-equity incentives, $523,898 in deferred compensation and $4.6M in other compensation). That’s up 113.2% vs 2010, but includes in “other compensation” a $4.5M fee so the company can call on her as a consultant this year. On top of her compensation, Robinson is entitled to about $11.4M in retirement benefits. Her exit deal includes a “two-year non-competition, non-solicitation and non-disparagement covenant, a three-year cooperation covenant and an indefinite confidentiality covenant.” The company lauded her “leadership during recent challenging years and other significant accomplishments during her 28-year tenure with the Company” including the development of its digital strategy. It doesn’t hold her responsible for the 22.4% drop in the Times’ market value in 2011, or the 80% drop since she became CEO in late 2004.